Canada isn’t in a recession. That’s the conclusion of the country’s unofficial arbiter of recessions, the C.D. Howe Institute’s Business Cycle Council, made up of 12 prominent economists. After meeting last week, the council determined that “data did not provide evidence that Canada had entered an economic downturn,” according to a statement being released Tuesday by the C.D. Howe Institute, an independent think tank based in Toronto. The council, made up of current and former bank chief economists as well as academics, said it based its assessment on a review of recent data on gross domestic product, employment and “sectoral activity.”

“The council noted weak GDP data in the first four months of 2015, primarily associated with low oil prices and falling investment in the energy and some other resource sectors,” according to the statement. At the same time, it highlighted “resilience” in labour markets, including positive job growth and a steady employment rate.